Payoneer Resumed Service in India With Restrictions

Have you been looking for a PayPal alternative in India, which imposes the same restrictions as PayPal but offer lesser transaction fees? Look no further than Payoneer. Payoneer which was once banned from India by RBI, is now back in action & have resumed their service for Indians.

With Payoneer, you can quickly receive payment from US or EU companies. Unlike other countries, you won’t be getting a Payoneer prepaid card. The amount that you will receive in your Payoneer account, will be directly deposited into your bank account within 24 hours.

Here are few important things to know about Payoneer service in India:

Limit of INR 5,00,000 per single transaction

Limit of INR 2,500,000 per calendar month

If somebody will send you the payment which is over limit, the transaction will be reversed.

Update: Below section is archived, as a news. Below section was written when Payoneer was banned.

Payoneer is one of the good alternatives to Paypal. Just like Paypal, Payoneer allows transferring the amount online from all over the world and the best part about Payoneer is that you can withdraw your money from ATMs with the help of Master Debit Card.

But unfortunately RBI (Reserve Bank of India) instructed Payoneer to stop its services in India in next few hours and later the ATM service too. Earlier Paypal services were blocked in India and then withdrawn again, even Payoneer is saying that this is temporary block. Here is the mail sent by Payoneer to its customers:

Dear Valued Customer,

Due to instructions from the Indian local banking authorities, Payoneer Prepaid MasterCard cards will be blocked for local purchases (POS Purchase) made in India within the next few hours, and ATM transactions will probably be blocked soon after.

Your Payoneer card continues to be functional anywhere other than India (including transactions made online on global websites), and all funds in your account are secure.

Other payment companies have experienced similar restrictions in the past, and most have been temporary and have taken a few weeks to resolve the situation. Payoneer and MasterCard are working with local banking regulators to address the situation. Payoneer is also preparing alternative ways for you to continue to receive payouts, and expects you will be able to continue to receive your payments in the future. We apologize for the inconvenience and will keep you informed.

We have opened a special mailbox for you to communicate with our Customer Support. Please feel free to contact us at [email protected]

Sincerely,

Payoneer Customer Support

This is very disappointing for freelancers and even if you are a customer of Payoneer then either you can revert back your money from freelancing site. Many freelancing sites allows this option like Elance. Let’s hope that it is a temporary block and Payoneer resumes the services back soon. Meanwhile, stay with us for more updates.

dear aatif bhai, Rbi is taking this type of steps because many peoples are earn a good amount of money but don’t pay taxes.As they(Rbi) asked paypal to allow customers add pan card numbers,i too think that rbi will also ask payoneer to add pan card number or some details to rbi.I think this are good steps taken by rbi…..

This is really bad news for all the freelancers and other users who are using the Payoneer Master Card. I just received their card after requesting it from Infolinks and now it has become useless. This is frustrating issue as I was about to withdraw my first Infolinks payout with that card.

Just for the record, due to instructions from the Indian local banking authorities, Payoneer Prepaid MasterCard cards have been blocked for local transactions made in India. Payoneer cards continues to be functional anywhere other than India (including transactions made online on global websites), and all funds are secure.

Other payment companies have experienced similar restrictions in the past, and most have been temporary and have taken a few weeks to resolve the situation. Payoneer and MasterCard are working with local banking regulators to address the situation. Payoneer is also preparing alternative ways for card holders to continue to receive payouts in the future. We apologize for the inconvenience and will keep you informed.

“First they ignore you, then they laugh at you, then they fight you, then you win. “ – Mohandas Gandhi

It says “Payoneer cards continues to be functional anywhere other than India (including transactions made online on global websites), and all funds are secure.” But my payments have been bounced and I am also not able to buy anything online( from the US and UK, my card used to work before but now its getting declined). Have you guys completely blocked the card?

Seems like Pakistan. This is really bad ! Wondering when they stops in Bangladesh. Hay, you guys know that Payoneer should work on any ATM?
Why don’t cross the border and use a neighboring country’s ATM ?

If you live in a UP, Bihar WB or any other state neighboring Nepal, you can come to Nepal easily by road, withdraw Nepali rupees from Nepali ATM, get it exchanged to INR from any money exchange outlets. costs you nothing and exchange is flat 1 INR – 1.6 NPR
and then take back INR money back to your home… its that simple….

Hi there … Its November 2014, Still Payoneer services are blocked in India.
Paypal India quite apparently sucks and chances of its getting better is absolute Zero to say the least.
Just wondering, if anyone of you here know some other alternative ?

1. Flexibility: Get paid by leading freelance marketplaces
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3. Lower Fees: Up to 42% less than leading payment solutions
4. Local Currency: Receive payments in Indian Rupee (INR)
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7. Free Master Card globally accepted